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Arbitration panel rules US tribe to pay the pending dues

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Arbitration panel rules US tribe to pay the pending duesReading Time: 2 minutes

 

An arbitration panel ruled that the Seneca Nation tribe, which stopped honouring the revenue-sharing deal with New York after renewal of a contract in 2017, must pay the pending revenue share.

In 2017, the tribe stopped the payment arguing that a drafting omission had released them from their obligation to pay the revenue-sharing agreement. That moved them to stop paying the state’s share from the three gaming venues it operates in western New York, which would already amount to over US$100 million.

A three-member arbitration panel has ruled that the Seneca Nation wrongly halted more than $100 million in revenue-sharing payments to the state derived from the three gambling halls it operates in western New York.

“A majority of the Panel… supports the conclusion that ‘renewal’ means that the Compact was continued on the same terms and conditions that were in place immediately prior to expiration of the Compact’s initial term which entailed revenue sharing for exclusivity,” the ruling argues. “To conclude otherwise and interpret ‘renew’ to mean that the Nation gets exclusivity without sharing revenue would render several provisions of the Compact meaningless, ignore the purpose of the Parties’ agreement, challenge common sense and produce a commercially unreasonable result.”

According to Kevin Washburn, a University of New Mexico Law School professor, former Interior Department official and the member of the panel chosen by the tribe (voted against), the decision “rewrites the Compact in a way that harms the Nation and provides an unjustified windfall to the State.”

Seneca Nation President Rickey Armstrong added: “While we know we are right on the law, we also knew that making that argument to an arbitration panel gave no assurance of an opinion in our favor. As is often the case, the Courts, and apparently arbitration panels, do not always decide cases on the law, even their law. We have prepared for this circumstance, and, now that the panel has issued its opinion, we will take the appropriate time to review and respond to the opinion, and move forward.”


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Arbitration panel rules US tribe to pay the pending dues

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Mobile Betting Bill Fails to Progress Through New York Assembly

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Senator Joseph Addabbo’s mobile betting bill has failed to progress through the New York Assembly. The legislative session saw S17 fail to progress beyond the Assembly Standing Committee on Codes.

Addabbo tweeted that he saw no clear reason why the state could not implement mobile sports betting in 2019. Failure to do so would see the state miss out on around $75m in revenue, funding for education, and both job creation and retention.

“NY will be stuck like a disabled car on the shoulder, while we allow an illegal sports betting business in our state thrive and idly watch other neighboring states pass us up with enormous revenue gains from mobile sports betting,” Addabbo said.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mobile Betting Bill Fails to Progress Through New York Assembly

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Eldorado Resorts to Buy Caesars Entertainment Corp

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Eldorado Resorts Inc., the US based casino operator, has agreed to merge with Caesars Entertainment Corp through a $17.3 billion cash and stock deal.

The deal, which is expected to be announced soon, values Caesars at close to $13 a share. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders.

An Eldorado spokesman said the company did not comment on rumours or speculation. Caesars did not immediately respond to requests for comment.

The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Eldorado Resorts to Buy Caesars Entertainment Corp

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Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

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Nagasaki Governor Hodo Nakamura has reaffirmed his support for the Sasebo IR bid and urged the national government not to delay too much in issuing its IR regulations and establishing the national regulatory framework.

While Sasebo’s bid is not linked to a specific timeline, the local government does wish to move forward quickly, especially now that other competing bids could emerge from the Kyushu region.

In related news, Nagasaki IR Business Connect Seminar is going to be held with the participation of international operators and investment groups.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

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